. 13. Determined by finding what percent the markup is of the selling price 14. Overhead >15. The retail price 16. Is always expressed as a percent of the selling price of an item 17. The formula to find this is Markup Selling Price - Cost 18. Also called gross profit Answer 19. ALGEBRA Onondaga Electronics operates on a net-profit rate of 20% on its printer cables. If the markup is $8.95 and the overhead is $4.31, find the net profit and the selling price. 20. What is the formula to compute markdown on an item? 1. Why do businesses often mark down the regular selling price of their goods or services? Do you think this is a good or bad practice